Test Maryland Insurance Administration Life-Producer Collection Pdf - Life-Producer Valid Test Tips

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Maryland Insurance Administration Maryland Life Producer Exam (Series 20-27) Sample Questions (Q36-Q41):

NEW QUESTION # 36
The annual addition to an employee's account in a qualified retirement plan:

A. Can be any amount as determined by the employer from year to year
B. Must be the same dollar amount for every full-time employee
C. Cannot exceed maximum limits set by the Internal Revenue Service
D. Usually reflects the employee's individual work performance each year

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Qualified retirement plans are subject to federal rules governing contribution limits:
* Contributionscannot exceed IRS limits (C), which are adjusted annually.
* Employers may adjust amounts annually, invalidating (A).
* Contributions vary by employee and do not require identical dollar amounts, making (B) incorrect.
* Contributions are typically unrelated to work performance, invalidating (D).
References: IRS Qualified Retirement Plan Contribution Limits, Maryland Employee Benefits Guidelines.

NEW QUESTION # 37
Publishing a derogatory article about the financial condition of an insurer that is false and calculated to injure the insurer is an example of:

A. Extortion
B. Coercion
C. Intimidation
D. Defamation

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:Defamationinvolves publishing or circulating false, malicious statements intended to harm an insurer's reputation. It is prohibited under Maryland law to protect the integrity of insurers.
* Defamation (A):Includes any written or spoken communication that is untrue and harms the insurer's business standing.
* Intimidation (B):Relates to coercing individuals through threats, not publishing falsehoods.
* Extortion (C):Involves demanding something through threats, unrelated to false statements.
* Coercion (D):Involves forcing a party to act under duress, not relevant to publishing false information.
References:Maryland Insurance Article §27-205, Unfair Trade Practices and Consumer Protection Act.

NEW QUESTION # 38
In surrendering a life insurance contract for its cash value, the total of premiums paid less the total of any dividends received in cash or used to offset premiums is:

A. The loan value
B. The gross proceeds
C. The cost basis
D. The cash value

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:Thecost basisis the total of all premiums paid minus dividends received or used to offset premiums. This figure is used to calculate the taxable portion of the cash value upon surrender.
* Cost basis (D):Represents the non-taxable portion of the surrender value; any amount exceeding this is considered taxable income.
* Cash value (A):The policy's accumulated value, which may include taxable gains.
* Loan value (B):Refers to the amount available for borrowing against the policy.
* Gross proceeds (C):The full amount received upon surrender, not accounting for cost basis deductions.
References:IRS Guidance on Life Insurance Taxation, Maryland Life Insurance Surrender Rules, and COMAR 31.09.14.

NEW QUESTION # 39
The life insurance buyer's guide includes information about all of the following EXCEPT how to:

A. Compare life insurance policy requirements
B. Decide how much life insurance to buy
C. Take civil action against an insurer
D. Compare life insurance policy rates

Answer: C

Explanation:
Comprehensive and Detailed Step by Step Explanation:The buyer's guide helps policyholders understand life insurance by offering:
* Advice on deciding coverage needs (B)to ensure adequate protection.
* Rate comparison tools (C)to evaluate costs effectively.
* Guidance on policy requirements (D)to make informed choices.
The guide does not address legal actions such astaking civil action against an insurer (A), as such matters require legal consultation or regulatory support.
References: Maryland Life Insurance Buyer's Guide Provisions.

NEW QUESTION # 40
In the event of a death claim under a life insurance policy, what happens to the amount of any existing policy loan?

A. The beneficiary has an obligation to pay the amount to the insurance company.
B. It represents a primary claim against the estate of the insured.
C. It is canceled, and the beneficiary receives the face amount of the policy.
D. It is deducted from the face amount of the policy together with any interest due.

Answer: D

Explanation:
Comprehensive and Detailed Step by Step Explanation:When a death claim is filed on a life insurance policy with an outstanding loan:
* Deducted from the face amount (A):The death benefit is reduced by the loan balance plus any accrued interest, ensuring the insurer recovers the outstanding debt.
* Beneficiary obligation (B):Incorrect. The beneficiary receives the adjusted benefit without personal liability for the loan.
* Claim against the estate (C):Incorrect. The loan is tied to the policy, not the estate.
* Canceled without adjustment (D):Incorrect, as insurers must recoup the loan amount from the death benefit.
References:Maryland Life Insurance Policy Loan Provisions, COMAR 31.09.03, and Standard Death Claim Settlement Practices.

NEW QUESTION # 41
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